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Deven Choksey Research Report
Nifty Pharma is trading at 1-year forward PE of 34.5 times versus 22.8 times for Nifty 50, indicating relatively richer valuation levels for the sector from a relative valuation's perspective.
Nonetheless, given the strong earnings growth that we believe can be witnessed by Glenmark (42.5% compound annual growth rate), Lupin Ltd. (37.5% CAGR), and Zydus Life (16.2% CAGR) over FY24-FY26E, we consider them our preferred picks.
The earnings growth in these companies will be driven by increased MS in domestic market and strong performance of Ryaltris across Europe for Glenmark, and strong set of new products for Lupin such as gSpiriva, Doxorubicin Liposomal injectable, and some more ophthalmic products and for Zydus Life Sitagliptin combinations and other novel products in the rare and orphan drug areas.
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